While condo insurance isn’t required, it will be necessary to have a mortgage.

Now for some pointers: your condo association will likely have a master insurance policy, but it may just cover the essentials. Some associations will purchase insurance that covers more basic objects such as appliances, carpeting, cupboards, and interior walls within each unit. Understanding insurance can be complicated, and you want a tailored solution that will fit your specific requirements. Our goal is to make the way we provide information as simple as possible to adequately convey the value and assist you in making sense of it.

Talk to our iSmart Advisor about what’s best for you for the inside scoop.

Make a detailed list of any goods that have been damaged or stolen. The moment you can no longer live in your apartment due to the damage, call your financial advisor to see what coverage you’re entitled to. A claims adjuster will contact you to complete a proof of loss form. Inquire about employing your own contractor to fix the property, or if you’ll have to use one they provide.

The following factors influence condo insurance costs: 

• Your demographics.
• Your credit score.
• A list of your insurance policies and claims.
• A fire hydrant and a fire station are close by.
• The type of structure (i.e., house, high-rise, rowhouse).
• The construction material.
• The roof’s age and type.
• Electrical, plumbing, and heating systems’ age and type.
• Proximity to natural dangers such as rivers.
• Alarms, sump pumps, and other damage mitigation devices.
• The value of your personal belongings if they were replaced.
• The value of your condo if it were to be replaced (everything within the walls like flooring and appliances).
• The neighbourhood claim rate.
• The crime rate in your community.
• Your insurance options (loss settlement, deductible, policy limit, coverage, etc).